Australia’s Victorian Government has approved the lease of the Port of
Melbourne to fund local transport infrastructure improvements.
Melbourne to fund local transport infrastructure improvements.
The agreed lease includes the entirety of the port’s commercial operations,
but the state government will continue regulating safety and retain
responsibility for the harbour master.
but the state government will continue regulating safety and retain
responsibility for the harbour master.
Victoria’s independent economic regulator, the Essential Services
Commission, will oversee the pricing structure for port users.
Commission, will oversee the pricing structure for port users.
According to the
Australian Broadcasting Company the State Government is hoping to receive
around AU$6 billion (US$4 billion) from the privatisation of the port. AU$700
million has been promised to developing rural and regional areas’
infrastructure within the state.
Australian Broadcasting Company the State Government is hoping to receive
around AU$6 billion (US$4 billion) from the privatisation of the port. AU$700
million has been promised to developing rural and regional areas’
infrastructure within the state.
The government claimed annual tariff increases will be capped at the
consumer price index (CPI) for at least 15 years to try and protect Victorian
producers, manufacturers, other exporters and importers, and consumers.
consumer price index (CPI) for at least 15 years to try and protect Victorian
producers, manufacturers, other exporters and importers, and consumers.
The lease proceeds will go into the state’s Victorian Transport Fund (VTF)
to support infrastructure initiatives such as replacing rail crossings
throughout Victoria.
to support infrastructure initiatives such as replacing rail crossings
throughout Victoria.
Credit:Baird Maritime
